Irrevocable Letter of Credit definition

Irrevocable Letter of Credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

Irrevocable Letter of Credit means a written commitment by a federally insured financial institution to pay all or part of a stated amount of money, until the expiration date of the let- ter, upon the Government’s (the beneficiary) presentation of a written demand for payment. Neither the financial institu- tion nor the offeror/contractor can revoke or condition the let- ter of credit.

Irrevocable Letter of Credit means a letter of credit that meets the description in section 1105(c).

Examples of Irrevocable Letter of Credit in a sentence

• The Developer will be responsible to submit an Irrevocable Letter of Credit totalling 15% of the Detailed Cost Estimate.

• For biddings conducted by the LGUs, Bank Draft/Guarantee, or Irrevocable Letter of Credit may be issued by other banks certified by the BSP as authorized to issue such financial instrument.

• For biddings conducted by the LGUs, the Bank Draft/ Guarantee or Irrevocable Letter of Credit may be issued by other banks certified by the BSP as authorized to issue such financial instrument.

• Bond or Irrevocable Letter of Credit must be approved by the Building Official and Town Attorney, and shall be made payable to the Town of Loxley, Alabama.

• We hereby open our Irrevocable Letter of Credit in your favor for the account (Developer) , (Address) for a sum not to exceed the aggregate amount of $ available to the City of Portland on one or more clean drafts drawn at sight on us or by certified mail.

More Definitions of Irrevocable Letter of Credit

Irrevocable Letter of Credit means a financial institution’s letter of credit guaranteeing a Customer’s payment to EEA.

Irrevocable Letter of Credit means a form of financial assurance whereby a bank authorized to do business in the State of California submits a letter granting credit on behalf of the mine operator.

Irrevocable Letter of Credit means an irreversible or unalterable commitment on the part of a Chartered Bank that is contained on the Town’s standard letter of credit form, to pay the Town a sum of money on demand.

Irrevocable Letter of Credit means an alternative to a Surety Bond, and is an irreversible or unalterable commitment on the part of a Canadian Chartered Bank that is contained on the County’s standard credit form, to pay the County a sum of money on demand, in the event the Vendor in whose name the letter has been issued fails to supply goods or perform services in accordance with is contract with the County. Any Letter of Credit should be irrevocable, unconditional, have sufficient dollar value, be automatically renewable, allow the County’s Treasurer to draw on it at will, and insist that the bank provide 30 days written notice to the County if it will not be renewed.

Irrevocable Letter of Credit means an irrevocable letter on the financial institution’s standard form addressed to the County as payee, and providing that the financial institution as payor will pay to the County as payee, on demand, the sum specified in the form in the event of a failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract;

Irrevocable Letter of Credit means the irrevocable letter of credit in the form attached to the Credit Support Agreement.

Irrevocable Letter of Credit means a negotiated financial instrument that is used to pay a beneficiary issued by a banking institution to guarantee payment.